KLP Kapitalforvaltning AS Takes $2.18 Million Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

KLP Kapitalforvaltning AS acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 9,100 shares of the industrial products company's stock, valued at approximately $2,179,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Zurich Insurance Group Ltd FI purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at $84,139,000. Raymond James Financial Inc. bought a new stake in Applied Industrial Technologies in the 4th quarter valued at about $25,518,000. Polar Asset Management Partners Inc. purchased a new stake in Applied Industrial Technologies during the third quarter valued at about $12,897,000. Barclays PLC boosted its position in Applied Industrial Technologies by 156.6% during the third quarter. Barclays PLC now owns 74,109 shares of the industrial products company's stock worth $16,537,000 after purchasing an additional 45,224 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Applied Industrial Technologies by 4.1% in the third quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company's stock worth $232,181,000 after purchasing an additional 40,689 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. StockNews.com cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. Raymond James restated an "outperform" rating and set a $265.00 target price (up previously from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday, January 30th. KeyCorp reduced their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Finally, Robert W. Baird increased their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $284.29.

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Applied Industrial Technologies Price Performance

NYSE:AIT traded up $4.38 during trading hours on Tuesday, hitting $229.72. 254,722 shares of the company's stock traded hands, compared to its average volume of 278,834. Applied Industrial Technologies, Inc. has a 52 week low of $177.68 and a 52 week high of $282.98. The business's fifty day simple moving average is $245.54 and its two-hundred day simple moving average is $245.92. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. The firm has a market cap of $8.82 billion, a P/E ratio of 23.27, a P/E/G ratio of 3.14 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. On average, research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.46 per share. The ex-dividend date was Friday, February 14th. This represents a $1.84 annualized dividend and a dividend yield of 0.80%. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.64%.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.